End-to-End Customer On-boarding Process
One of the major Australian bank faces challenge to on-board NEW to bank customer seamlessly resulting into operational process overheads and creating compliance issues.
Challenges
- No seamless experience for NEW to bank customer on-boarding.
- Capturing of party / customer information was not business friendly.
- No process to identify whether existing customer in the system, problem of creating multiple profiles for the same customer. Decoupled customer KYC and activation process using different systems and processes.
- Cumbersome NEW versus Existing customer identification process.
Approach
- Designed the new process map for customer on-boarding
- Workflow automation to capture / fetch customer details
- Solution for de-duplication process to identify NEW Vs Existing customer to avoid creating multiple profiles for the same customer
- Integration with identity verification systems for 100-point check
- Sending email alerts for customer and back-office team once customer on-boarding stages are complete
Goals
- 100% straight thru process for customer on-boarding
- State of the art technology and user experience.
- Activation of customer in less than 60 Mins fully KYC'ed
- No duplicate profile creation
- Meaningful alters for customer and operations team
Result
- Daily 500+ customers onboarded via STP with no human intervention
- Nil duplicate profiles created
- 100% KYC’ed customers
- Able to on-board organization & business customers via this process
- 1 customer with multiple account linkages
- Monthly savings of 3000+ operational hours spent for this process resulted in huge cost savings
- This resulted in same day account opening for the customer which was a significant business win and resulted in greater market share
